Claire's Stores Q1 profit unchanged, revenue up 3%
18 May '06
3 min read
Costume jewelry and accessories retailer Claire's Stores Inc announced financial results for the first quarter of fiscal 2007 and provided guidance relating to the second fiscal quarter and fiscal 2007 in its entirety.
Results for the first quarter of fiscal 2007, which ended April 29th 2006, were as follows: net income was $29.7 million, in line with the first fiscal quarter of fiscal 2006, which ended April 30th 2005. On a per share basis, diluted net income was $0.30 for both first fiscal quarters of 2007 and 2006.
For the first quarter of fiscal 2007, net sales increased three percent to $311.9 million from $302.7 million for the same period last year. Comparable store sales for the first quarter of fiscal 2007 increased three percent, after achieving a five percent increase in last year's first fiscal quarter.
Co-Chairman and Co-CEO Marla Schaefer said, "Our primary objective is to advance the value of our business by steadily increasing sales and generating higher earnings. Although we approached the first quarter knowing it would be challenging, Easter's flip into April and its three week delay impacted our sales more than we had anticipated due to the late timing of a significant number of spring breaks and proms, along with our Mother's Day business. We acted quickly to prevent a build up in inventories and, having done so, remain optimistic going forward that our merchandise is fresh and in line with the latest fashion trends. We will remain conservative in our guidance until we see a sustained pick up in transactions."
marketing@alchempro.com
